Dr. Albert Bourla, Chairman and CEO of Pfizer, said:

“With excellent execution in 2025, we delivered a solid financial performance and strengthened Pfizer’s foundation for future growth. Looking ahead, 2026 will be an important year rich in key catalysts, including our expectation for approximately 20 key pivotal study starts, and continued strategic investment to maximize our opportunities for industry-leading growth at the end of the decade.”

Pfizer delivered a resilient full-year 2025 performance, demonstrating operational discipline amid the continued normalization of its COVID-19 portfolio.

• Full-year revenues reached $62.6 billion, reflecting a 2% year-over-year operational decline, largely attributable to lower Paxlovid and Comirnaty sales.

• Excluding COVID-19 products, revenues grew 6% operationally, underscoring the strength of Pfizer’s diversified non-COVID portfolio.

• Adjusted diluted EPS increased 4% to $3.22, supported by cost control, favorable product mix, and productivity initiatives.

• Reported diluted EPS of $1.36 declined modestly year over year, reflecting non-cash impairment charges and other one-time items.

Fourth-quarter results mirrored full-year trends, with revenues of $17.6 billion, down 3% operationally, but up 9% operationally excluding COVID-19 products.

Portfolio and Revenue Mix Dynamics

The year-over-year revenue decline was primarily driven by:

• Comirnaty: down 35% operationally

• Paxlovid: down 70% operationally, reflecting lower infection rates and reduced government procurement

These declines were partially offset by robust growth across multiple franchises:

• Abrysvo (+136% operationally), driven by international launches and adult uptake

• Oncology biosimilars (+76%), supported by U.S. pricing dynamics

• Eliquis (+8%), benefitting from global demand and IRA-related pricing changes

• Prevnar family (+8%), led by expanded adult vaccination uptake

• Vyndaqel family (+7%), supported by increased diagnosis and patient access

• Oncology innovators, including Lorbrena (+45%) and Padcev (+15%)

Cost Structure and Profitability

Pfizer continued to demonstrate strong cost discipline:

• Adjusted cost of sales declined to 24.2% of revenues, reflecting favorable product mix and lower COVID-related amortization.

• Adjusted SI&A expenses decreased 7% year over year, driven by reduced promotional spend and productivity gains.

• Adjusted R&D expenses declined 5%, reflecting portfolio prioritization while maintaining investment in oncology and obesity.

Reported results were materially impacted by $4.4 billion in non-cash intangible asset impairment charges, tied to updated development plans and long-range forecasts.

Pipeline Execution and Strategic Progress

Pfizer made significant pipeline advances in 2025:

• 11 key pivotal study starts completed, with approximately 20 pivotal study starts planned for 2026

• Multiple late-stage oncology and specialty medicine catalysts, including:

  • Positive Phase 3 data for Padcev in muscle-invasive bladder cancer

  • Favorable results from Tukysa in HER2-positive metastatic breast cancer

  • Advancing ultra-long-acting GLP-1 assets following the Metsera acquisition

The company’s late-stage pipeline breadth continues to expand, reinforcing its long-term growth thesis beyond COVID-era revenues.

Capital Allocation and Balance Sheet Strategy

Pfizer maintained a balanced capital deployment strategy in 2025:

• $10.4 billion invested in internal R&D

• $8.8 billion deployed in business development, primarily related to Metsera and 3SBio

• $9.8 billion returned to shareholders via dividends

No share repurchases were executed during the year, consistent with Pfizer’s stated priority to de-lever and preserve financial flexibility. As of February 3, 2026, $3.3 billion remains authorized for future repurchases, though none are assumed in 2026 guidance.

2026 Outlook and Risk Considerations

Pfizer reaffirmed all components of its 2026 guidance, signaling confidence in operational execution:

• Revenue: $59.5–$62.5 billion

• Adjusted diluted EPS: $2.80–$3.00

Guidance incorporates:

• Approximately $5 billion in expected COVID-19 revenues

• A $1.5 billion headwind from loss of exclusivity

• Anticipated impacts from drug pricing reforms, tariffs, and policy changes

• Continued prioritization of oncology, obesity, and specialty pipelines

Overall Assessment

Pfizer exits 2025 with a stabilized revenue base, improving earnings quality, and expanding late-stage pipeline visibility. While near-term growth remains constrained by COVID normalization and LOE exposure, execution in non-COVID franchises and disciplined capital allocation position the company for potential re-acceleration toward the end of the decade, contingent on clinical and regulatory success.